Comment by bluGill
16 days ago
Swiss banks didn't care - they didn't have a large Us presence anyway. Until the US started enforcing this by proxy, other banks couldn't do business with you and the US and overall the US is more important to the world than Swiss banks.
Not so sure. Yeah, they didn't have a large US presence but they did a lot of business with US banks and securities markets -- that's what was threatened. It's wasn't the ability to have branches in the US but the ability to conduct business in US markets.